Ireland's debt agency raised €6 billion on the bond markets with a 10-year offering that drew record demand and was priced at a yield of just 0.285 per cent, and leaving the State well placed to manage the extraordinary costs of Covid-19. Peter Hamilton has the details and Cliff Taylor analyses what it means for Ireland Inc.
Not doing so well is a Dublin carer, who was hit with more than ¤700,000 in interest and penalties related to unpaid inheritance and income taxes. The €1.088 million settlement with Michelle Forde was by a distance the biggest among 35 reported for the first quarter of 2020 by the Revenue Commissioners, writs Barry O'Halloran.
Fallout from the Covid shutdown of international travel became clear as Nordic Aviation Capital secured High Court approval to work on entering into a scheme of arrangement with its creditors. Nordic, which owns around 500 planes, is the largest lessor of aircraft to regional airlines, the fifth largest aircraft lessor in the world writes and employs more than 100 people at its Limerick headquarters, writes Aodhan O'Faolain.
On a more upbeat note, two Dublin academics will share up to ¤5.3 million after the language technology software company they founded in Dublin City University was bought by a listed UK business. Dr John Tinsley and Dr Páraic Sheridan founded Iconic Translation Machines in 2013: now it has been acquired by London-listed RWS Holdings in a deal worth up to $20 million, writes Charlie Taylor.
But Covid remains a recurring theme as a senior Central Bank official warns that the big retail banks are likely to have to book "significantly more" provisions against soured debt, as the full price of the economic lockdown for Irish businesses emerges. Ciarán Hancock reports.
If that wasn't bad enough, Irish businesses lose more than ¤400 million annually to counterfeit sales, according to a new EU report, which estimates that EU governments are losing €15 billion in lost taxes due to fake goods. Frank Dillon has the report published by the European Union's Intellectual Property Office.
The VHI has won its bid to exclude economist Moore McDowell being called as an expert witness in a case involving the insurer's refusal to provide cover for a proposed private hospital in Limerick over a potential conflict of interest.
In Commercial Property, Ronald Quinlan reports that An Post is in exclusive negotiations to move HQ operations from GPO to Dublin's tallest office building, the Exo in the Dublin docklands.
And Vodafone is set to open its first "Experience Store" on Henry Street after signing a 10-year lease on new 14,000sq ft premises at €450,000 rent per annum.
The world's largest law firm, Dentons, has signs up for new offices at Joshua House on Dawson Street, which has capacity for 50 employees.
Finally, Hines has capped out the first apartment block at Cherrywood, close to the Luas Green Line.
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